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Stake.com was recently hacked for $41 million. What happened during the incident? How did the crypto casino giant respond to the attack? The implications and lessons for crypto. The security breach that saw online crypto casino Stake.com lose $41 million to hackers on September 4 is among the most notable attacks to hit the cryptocurrency industry this year. Since the incident, blockchain security analysts and law enforcement have linked the “suspicious outflows,” to a sovereign state actor – North Korea’s Lazarus Group. On September 7, the   Federal Bureau of Investigation (FBI) released a report that identified the Lazarus Group as the hacker responsible for the theft. The FBI also pinned several other crypto hacks to the group, including the attacks on Alphapo, CoinsPaid, and Atomic Wallet. The group is reportedly responsible for attacks that have seen more than $200 million in crypto stolen in 2023 alone. Understanding what...

Several major lenders across South Korea have reportedly joined a bank consortium dedicated to security token offerings (STOs). In April, Seoul-based NongHyup established the consortium with the aim of creating an ecosystem centered around security tokens. In the context of South Korea, these are blockchain- or DLT-powered versions of traditional investments such as stocks or bonds, but could also confer share ownership or other rights in real estate, investment funds and even artwork. The Korea Herald reported Thursday that Hana Bank, Shinhan Bank and Woori Bank have now joined the NongHyup’s consortium. The group includes other fintech companies like Funble, Trackchain (a subsidiary of fintech Aton) and Artipio, bringing the total number of members to 18. Blockworks has reached out to NongKyup for comment. South Korea legalized security token offerings earlier this year, responding to the rising demand and popularity of digital assets domestically and abroad. South Korea’s F...

Cryptocurrency users are once again reminded about the importance of using only authentic hardware wallets. Amid the rising popularity of hardware cryptocurrency wallets, the Russian cybersecurity firm Kaspersky has reminded users about the importance of using authentic crypto devices. Kaspersky’s cyber incident expert Stanislav Golovanov on May 10 reported on an issue with fake hardware wallets impersonating major wallet firm Trezor. According to the blog post, the fake wallet allowed fraudsters to steal Bitcoin (BTC) via a replaced microcontroller, which enabled attackers to take over control of the user's private keys. The victim reportedly purchased a tampered hardware wallet that posed as Trezor’s advanced crypto wallet Trezor Model T. The fake wallet appeared to be exactly the same as a genuine Trezor Model T wallet, providing a standard set of wallet functions. “When handling the wallet, nothing felt suspicious either: all the functions worked as they should, and the user...